The Old Line State will have a 12th sportsbook option as the Maryland Lottery and Gaming Control Commission begins a new budget year. The LetsBetMD app and website launched on July 1, which also coincides with the start of FY25 in Maryland.
LetsBetMD entered the Maryland sports betting market through a partnership with the Veteran Services Corporation. It’s backed by the UK-based sports betting platform Bee-Fee, but LetsBetMD is headquartered in Lanham, MD.
Maryland Lottery and Gaming staff brought in customers for a controlled demonstration of LetsBetMD live betting on May 23. The trial run satisfied regulators, who said the latest betting site and app “complied with all required procedures,” adding, “its systems functioned properly.”
LetsBetMD, Bee-Fee Face Beefy Competition
Maryland’s inventory of 12 sportsbooks means all of the national brands already have a foothold. Single-state startups often get crowded out of the market where major players like DraftKings or FanDuel are present.
LetsBetMD will also have to fight Crab Sports MD for Maryland’s niché sports betting market.
“As our company grows, so do our responsibilities,” LetsBetMD said in a message to its customers. “We recognize and embrace these challenges. We believe in finding new ways of doing business, creating the most exciting betting experience for our players, and providing a safe, fair, and reliable platform.”
Maryland Sports Betting Soared in FY24
Maryland sports betting ended the budget year with more than $5.37 billion in bets changing hands in FY24. The transactions drove volume up 85.9% compared to the previous fiscal year.
- At 15%, the Maryland tax on sports bets generated about $60.3 million for the state’s Blueprint for Maryland’s Future Fund.
- Maryland’s Problem Gambling Fund received $$985,862 in expired wagers.
- The boost came from $402 million in taxable sportsbook revenue.
- Maryland collected about $22.3 million in FY23, so FY24 reflects a 138.8% boost to the state budget.
The Maryland Lottery and Gaming Control Commission released its June sports betting revenue report on Wednesday, July 10. June played a big role in the year-end numbers.
Bettors risked $384.7 million at Maryland sportsbooks in June 2024, up 51.2% from $254.5 million in June 2023. The activity created about $38.2 million in taxable wins. June 2024 sports betting taxes doubled year-over-year — from $2.8 million in June 2023 to $5.73 million in June 2024.
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